International Paper Co. Q3 FY2023 results: revenue $4.6 billion, down 14.6% on the year

International Paper Co. (IP) reported revenue of $4.6 billion for Q3 FY2023, the quarter ended 30 September 2023, down 14.6% on the same quarter a year earlier. Net income was $165 million, down 82.6% on the year, and diluted earnings per share $0.47. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$4.6 billiondown 14.6%

Net income$165 milliondown 82.6%

Diluted EPS$0.47

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	4,613	n/a	n/a	n/a
Cost of revenue	3,345	n/a	n/a	n/a
Gross profit	1,268	n/a	n/a	n/a
Gross margin	27.5%	n/a	n/a
Selling, general and administrative	286	n/a	n/a	n/a
Operating income	352	n/a	n/a	n/a
Operating margin	7.6%	n/a	n/a
Interest expense	105	n/a	n/a	n/a
Pre-tax income	232	n/a	n/a	n/a
Income tax	39.0	n/a	n/a	n/a
Effective tax rate	16.8%	n/a	n/a
Net income	165	n/a	n/a	n/a
Net margin	3.6%	n/a	n/a
Diluted EPS	$0.47	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	468	n/a	n/a	n/a
Capital expenditure	228	n/a	n/a	n/a
Free cash flow	240	n/a	n/a	n/a
Free cash flow margin	5.2%	n/a	n/a
Depreciation and amortisation	258	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	160	n/a	n/a	n/a
Dividend per share	$0.46	n/a	n/a	n/a
Diluted shares, weighted	348m	n/a	n/a	n/a
Shares outstanding at period end	449m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	23,951	n/a	n/a	n/a
Cash and equivalents	1,149	n/a	n/a	n/a
Inventory	1,929	n/a	n/a	n/a
Goodwill	3,041	n/a	n/a	n/a
Long-term debt including finance leases	5,549	n/a	n/a	n/a
Operating lease liabilities	317	n/a	n/a	n/a
Finance lease liabilities	45.0	n/a	n/a	n/a
Shareholders' equity	8,882	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	4,613	4,601	4,619	4,734	4,686	3,922	5,901	6,767	6,222	6,006	5,971	6,004
Cost of revenue	3,345	3,282	3,424	3,360	3,342	3,250	4,259	4,876	4,287	n/a	4,244	4,344
Gross profit	1,268	1,319	1,195	1,374	1,344	672	1,642	1,891	1,935	n/a	1,727	1,660
Gross margin	27%	29%	26%	29%	29%	17%	28%	28%	31%	n/a	29%	28%
SG&A	286	357	358	453	508	521	530	578	493	n/a	510	564
Operating income	352	n/a	169	322	237	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	8%	n/a	4%	7%	5%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	105	110	109	107	106	108	133	143	135	140	132	131
Pre-tax income	232	-326	85.0	206	80.0	113	-135	116	-675	-2,654	93.0	-26.0
Tax rate	17%	n/a	32%	-142%	-89%	-69%	n/a	34%	n/a	n/a	18%	n/a
Net income	165	-284	56.0	498	150	-147	-105	75.0	-1,102	-2,384	60.0	-12.0
Net margin	4%	-6%	1%	11%	3%	-4%	-2%	1%	-18%	-40%	1%	-0%
Diluted EPS	$0.47	-$0.82	$0.16	$1.41	$0.42	-$0.42	-$0.24	$0.14	-$2.09	-$4.52	$0.11	-$0.02
Operating cash flow	468	492	395	365	521	397	-288	476	605	905	611	526
Capital expenditure	228	305	251	198	212	260	330	422	455	650	517	533
Free cash flow	240	187	144	167	309	137	-618	54.0	150	255	94.0	-7.0
Buybacks	0.0	0.0	22.0	0.0	0.0	1.0	62.0	1.0	1.0	1.0	30.0	1.0
Dividends paid	160	160	161	160	161	161	244	244	245	244	245	245
Shares outstanding	449m	449m	449m	449m	449m	449m	627m	627m	627m	627m	627m	627m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0000051434-23-000053: the filing on EDGAR. All of International Paper Co.'s filings: EDGAR company page.

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